D.K. Sarraf, managing director of ONGC Videsh Ltd., pauses during the ASSOCHAM seminar on oil and gas in New Delhi, India, on Friday, Jan. 4, 2013. India cut the goal for economic growth in the five years to 2017 and signaled further fuel-price increases to limit subsidies that have stoked a budget deficit. Photographer: Pankaj Nangia/Bloomberg via Getty Images

D.K. Sarraf, managing director of ONGC Videsh Ltd., pauses during the ASSOCHAM seminar on oil and gas in New Delhi, India, on Friday, Jan. 4, 2013. India cut the goal for economic growth in the five years to 2017 and signaled further fuel-price increases to limit subsidies that have stoked a budget deficit. Photographer: Pankaj Nangia/Bloomberg via Getty Images

Veerapa Moily, India's minister of petroleum and natural gas, center, listens during the ASSOCHAM seminar on oil and gas in New Delhi, India, on Friday, Jan. 4, 2013. India cut the goal for economic growth in the five years to 2017 and signaled further fuel-price increases to limit subsidies that have stoked a budget deficit. Photographer: Pankaj Nangia/Bloomberg via Getty Images

Veerapa Moily, India's minister of petroleum and natural gas, center, listens during the ASSOCHAM seminar on oil and gas in New Delhi, India, on Friday, Jan. 4, 2013. India cut the goal for economic growth in the five years to 2017 and signaled further fuel-price increases to limit subsidies that have stoked a budget deficit. Photographer: Pankaj Nangia/Bloomberg via Getty Images

Veerapa Moily, India's minister of petroleum and natural gas, speaks during the ASSOCHAM seminar on oil and gas in New Delhi, India, on Friday, Jan. 4, 2013. India cut the goal for economic growth in the five years to 2017 and signaled further fuel-price increases to limit subsidies that have stoked a budget deficit. Photographer: Pankaj Nangia/Bloomberg via Getty Images

Veerapa Moily, India's minister of petroleum and natural gas, speaks during the ASSOCHAM seminar on oil and gas in New Delhi, India, on Friday, Jan. 4, 2013. India cut the goal for economic growth in the five years to 2017 and signaled further fuel-price increases to limit subsidies that have stoked a budget deficit. Photographer: Pankaj Nangia/Bloomberg via Getty Images

Sudhir Vasudeva, chairman of Oil & Natural Gas Corp. (ONGC), pauses during the ASSOCHAM seminar on oil and gas in New Delhi, India, on Friday, Jan. 4, 2013. India cut the goal for economic growth in the five years to 2017 and signaled further fuel-price increases to limit subsidies that have stoked a budget deficit. Photographer: Pankaj Nangia/Bloomberg via Getty Images

Sudhir Vasudeva, chairman of Oil & Natural Gas Corp. (ONGC), pauses during the ASSOCHAM seminar on oil and gas in New Delhi, India, on Friday, Jan. 4, 2013. India cut the goal for economic growth in the five years to 2017 and signaled further fuel-price increases to limit subsidies that have stoked a budget deficit. Photographer: Pankaj Nangia/Bloomberg via Getty Images

D.K. Sarraf, managing director of ONGC Videsh Ltd., arrives for the ASSOCHAM seminar on oil and gas in New Delhi, India, on Friday, Jan. 4, 2013. India cut the goal for economic growth in the five years to 2017 and signaled further fuel-price increases to limit subsidies that have stoked a budget deficit. Photographer: Pankaj Nangia/Bloomberg via Getty Images

D.K. Sarraf, managing director of ONGC Videsh Ltd., arrives for the ASSOCHAM seminar on oil and gas in New Delhi, India, on Friday, Jan. 4, 2013. India cut the goal for economic growth in the five years to 2017 and signaled further fuel-price increases to limit subsidies that have stoked a budget deficit. Photographer: Pankaj Nangia/Bloomberg via Getty Images

P. Elango, interim chief executive officer of Cairn India Ltd., reacts during the ASSOCHAM seminar on oil and gas in New Delhi, India, on Friday, Jan. 4, 2013. India cut the goal for economic growth in the five years to 2017 and signaled further fuel-price increases to limit subsidies that have stoked a budget deficit. Photographer: Pankaj Nangia/Bloomberg via Getty Images

P. Elango, interim chief executive officer of Cairn India Ltd., reacts during the ASSOCHAM seminar on oil and gas in New Delhi, India, on Friday, Jan. 4, 2013. India cut the goal for economic growth in the five years to 2017 and signaled further fuel-price increases to limit subsidies that have stoked a budget deficit. Photographer: Pankaj Nangia/Bloomberg via Getty Images

P. Elango, interim chief executive officer of Cairn India Ltd., pauses during the ASSOCHAM seminar on oil and gas in New Delhi, India, on Friday, Jan. 4, 2013. India cut the goal for economic growth in the five years to 2017 and signaled further fuel-price increases to limit subsidies that have stoked a budget deficit. Photographer: Pankaj Nangia/Bloomberg via Getty Images

P. Elango, interim chief executive officer of Cairn India Ltd., pauses during the ASSOCHAM seminar on oil and gas in New Delhi, India, on Friday, Jan. 4, 2013. India cut the goal for economic growth in the five years to 2017 and signaled further fuel-price increases to limit subsidies that have stoked a budget deficit. Photographer: Pankaj Nangia/Bloomberg via Getty Images